Natural Gas Futures Contracts News

Chiles Offshore Announces 4Q Results

For the quarter ended December 31, 2001, the Chiles Offshore reported net income of $7.6 million compared to net income of $4.4 million reported for the corresponding quarter ended December 31, 2000. Revenue for the quarter ended December 31, 2001, was $20.8 million compared to revenue of $16.8 million for the corresponding quarter ended December 31, 2000. For the fourth quarter they reported other income of $3.8 million relating to economic hedges regarding the anticipated future issuance of long-term debt and short positions in natural gas futures contracts, of which $1.8 million represents cash received from realized positions and $2 million or $0.10 per diluted share represents unrealized positions.